Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with a revenue of 550 million and a year-on-year growth of 34.4% [1] - The pressure sensor business is a key growth driver, although short-term gross margins are under pressure due to declining procurement prices from downstream customers [2] - The company is accelerating research and development in force sensors, expanding its product range and enhancing its competitive position in the market [3] Financial Performance - In H1 2025, the company achieved a net profit of 42 million, reflecting a year-on-year increase of 19.6%, while the net profit margin decreased to 7.6% [1][2] - The second quarter of 2025 saw a revenue of 290 million, with a year-on-year growth of 28.2% and a quarter-on-quarter growth of 12.0% [1] - The overall gross margin decreased by 2.9 percentage points to 27.8% due to price pressures in the market [2] Business Segments - The pressure sensor segment generated 290 million in revenue, marking a 61.9% year-on-year increase and accounting for 52.8% of total revenue [2] - The thermistor and temperature sensor business achieved revenue of 250 million, with a year-on-year growth of 13.0%, representing 45.4% of total revenue [2] R&D and Product Development - The company is expanding its R&D team and has established a specialized team for robotic force sensors in Shanghai, enhancing its product development capabilities [3] - The product line for force sensors now includes over six categories, with applications in automotive and robotics sectors [3] Profit Forecast and Valuation - The company has adjusted its net profit forecast for 2025 to 110 million, reflecting an 8.8% downward revision, while increasing the profit forecasts for 2026 and 2027 [3] - The current stock price corresponds to a PE valuation of 112, 83, and 64 times for 2025, 2026, and 2027 respectively, indicating potential for future earnings growth [3]
安培龙(301413)：压力传感器收入高增 力传感器研发进展迅速